Northvolt adds $18M more in grants offered by the Swedish government through The Swedish Energy Agency.
Northvolt, a Swedish company aiming to develop a large-scale lithium-ion battery production hub facility in Sweden, announced closing in a deal with the Swedish Energy Agency for receiving funds totalling SEK 146M ($18.4M)
The money is supposed to cover 20% of the estimated costs for Northvolt Lab and will be released in tranches until 2023 across various stages of the development of Northvolt Labs
Northvolt Labs, which in addition to the demonstration line also will include a research facility, aims to qualify and industrialize products and processes together with Northvolt’s partners and customers. The launch of Northvolt Labs is a key step towards the establishment of Northvolt’s large-scale lithium-ion battery factory in Skellefteå, Sweden, which will serve as the main production site and include active material preparation, cell assembly, recycling and auxiliaries.
Northvolt, founded by CEO Peter Carlsson, is building a next generation battery factory with the aim to produce the world’s greenest batteries to enable and accelerate the transition to renewable energy. The intention is to create a battery production hub in Europe to rival Tesla’s gigafactory in the U.S., the difference being that Northvolt hopes to combine cell R&D with mass-scale battery production and commercialization.
Prior to this deal, Northvolt announced strategic investments from ABB, Scania and Vestas.